Modified True or False: State whether each statement is true or false. If the statement is false, briefly explain why it is so, and then restate it to make it true.  f. In the long run, if price is below average total cost, then it pays to just shut down.

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A:

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A: Answer is given below

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A: *Answer:

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A: b p1=112-q1-0.5q2p2=130-q2-0.5q1TR1=(112-q1-0.5q2)q1      =112q1-q12-0.5q1q2MR1=112-2q1-0.5q1…

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A:

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Q: What is the difference between a patent and a trade secret?

A: Answer is given below

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Q: If Qd = 25 -5P and Qs = P. Then, the choke price is_______

A: Given:  Qd = 25 - 5P Qs = P

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A: Note: We will answer the first question as the exact one was not specified. Please resubmit a new…

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A: